Korea CEO Summit (KCS) held its second class of the advanced management program “Innovation and Blockchain AMP” (INBA) in Seoul on Tuesday.
Delivering the first lecture was ICONLOOP founder and CEO JH Kim, who spoke about how decentralized identification (DID) could allow us to reclaim sovereignty over our data.
“Blockchain technology is being adopted in various sectors with the advent of the age of decentralization and as understanding of blockchain rises,” he said. “Typical of this is Seoul Metropolitan Government’s adoption of ICONLOOP’s blockchain services. ‘My ID,’ a DID system we developed, was named an innovative financial service by the Financial Services Committee, too.”
The INBA program brings together innovative spirit and KCS’s blockchain and AI technology. Lecturers in the program include some of Korea’s leading CEOs and experts. Classes are held every Tuesday through April 14.
Those who complete the course get not only a certificate of completion, but also a forgery-proof certificate issued by ICONLOOP’s certification solution Broof, which gives ICON a nice use case.
What was that?
How does ICONLOOP’s Broof have anything to do with ICON’s public chain?
Well, we’re glad you asked.
“[Broof] currently uses the public blockchain. So for each broof issued, ICX is used for transaction fees,” explains the ICON Foundation’s Ricky Dodds. “Transaction fees on the ICON Network are essentially burned, so it lowers the supply of ICX. The more Broofs issued through Broof, the more transaction fees on ICON. And the more transaction fees on ICON means more burned ICX. This could lead to a deflationary asset over time.”
Correction: The article has been edited to remove mention of a certain university.